Public employees' retirement benefits: final compensation.

The California Public Employees' Pension Reform Act of 2013 (PEPRA) , on and after January 1, 2013, requires a public retirement system, as defined, to modify its plan or plans to comply with the act and, among other provisions, establishes certain new retirement formulas that may not be exceeded by a public employer offering a defined benefit pension plan. PEPRA provides, for purposes of determining a retirement benefit paid to a person who first becomes a member of a public retirement system on or after January 1, 2013, that final compensation means the highest average annual pensionable compensation earned, as defined, during a period of at least 36 consecutive months, or at least 3 consecutive school years. This bill would make a nonsubstantive change to that provision.